TCS develops cloud solution to help banks process loan forgiveness requests

Tata Consultancy Services has announced the development of a cloud-based, end-to-end solution to help banks accept and process forgiveness requests as part of the Small Business Administration (SBA) Paycheck Protection Program (PPP) under the Coronavirus Aid Relief and Economic Security (CARES) Act passed by the US Congress.

Having disbursed most of the allocated $659 billion in loans, banks now expect to process a high volume of loan forgiveness requests from businesses towards amounts spent on eligible payroll and non-payroll expenses. TCS has developed the Small Business Loan Forgiveness solution, an automated, secure, highly scalable, and ready-to-deploy low code solution on the Appian platform, leveraging the Machine First Delivery Model, to provide a streamlined, predictable and auditable loan forgiveness function for banks.

The solution provides self-service and guided channels for businesses to initiate forgiveness requests, and uses intelligent automation to enable verification of evidence of loan utilization. It ensures adherence to SBA guidelines and transparency through timely customer communication and an intuitive dashboard. Additionally, to help banks manage the surge in transaction volumes, TCS will provide back-end processing services.

The highly configurable and low code solution can be quickly customized to meet a bank's specific needs around branding and operations for an enhanced customer experience, and deployed within days.

Powered by Capital Market - Live News